Religare Capital Markets Ltd (RCML) has roped in Citigroup honcho Nalin Nayyar as head of India investment banking. Nayyar, who was the managing director of investment banking at Citigroup Global Markets Pvt. Ltd, looked at areas in industrials sector including mining and metals and capital goods, said a statement.

Religare Capital Markets is the investment banking and institutional securities arm of Religare Enterprises, promoted by Malvinder and Shivinder Singh. Before joining Citigroup in 2008, Nayyar worked with Lehman Brothers in India and London and has 19 years of investment banking experience across the US, Europe and Asia. He will report to Tarun    Kataria, CEO of RCML India (who joined from HSBC in May this year) and to Sutha Kandiah, Global Head of Investment Banking based in Singapore (who joined in March from UBS).

Religare Capital Markets had last year hired Martin Newson, former global equity head at Dresdner Kleinwort, to give a push to its investment banking operations in the emerging markets. Since then it has also built a global team with Robert Munro joining as global Chief Operating Officer (from UBS in May), Nick Holtby as Global Head of Equities (from UBS in Dec 2009), Rob Flynn as CEO of the Asia Region (from UBS in March). 

"The appointment of Nalin to the helm of our Indian investment banking team, in addition to the quality of senior hires that we have made globally in the past year, underscores our commitment to developing a world-class emerging markets focused global investment banking franchise,” said Kandiah in a release.

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